To put this in a less mathematical, and more situational approach, I went ahead and crunched some numbers using the melee combat calculater. (Note: I don't know who created it, but I really wish I could give them some praise b/c its an awesome program)
First I assumed a lvl 11 Fighter (3 attacks) with a 16 str, weapon focus, weapon spec, improved crit, with a masterwork battleaxe (weilded one-handed). Assume a monster with set AC's, no miss chance, and no DR. And then determined the optimum power attack for max avg damage.
For AC 10: PA-8
AC 15: PA-4
AC 18: PA-2
AC 20: PA-1
AC 22: PA- 0
AC 30: PA- 0.
Now assuming that fighter had a +3 battleaxe.
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
AC 38: PA-11 (once the AC is to the point that only 20 dice rolls can hit, then of course power attack for max).
Fighter with a +5 battleaxe.
AC 10: PA-9
AC 15: PA-7
AC 18: PA-4
AC 20: PA-2
AC 22: PA-0
AC 30: PA-0
*Remember that a beter strength mod and a lower enchantment equal the same results. A fighter with a 20 strength and a +1 battleaxe would yield the same results as table 2.
Now instead of a battleaxe, we'll try a longsword (effect of crits on this setting)
Masterwork longsword:
AC 10: PA-8
AC 15: PA-4
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Flaming Longsword (I know this can never happen, just bear with me)
AC 10: PA-8
AC 15: PA-3
AC 18: PA-1
AC 20: PA-0
AC 22: PA-0
AC 30: PA-0
Longsword +3:
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Keen Longsword +3:
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Longsword +5:
AC 10: PA-9
AC 15: PA-7
AC 18: PA-4
AC 20: PA-2
AC 22: PA-0
AC 30: PA-0
After all this data was compiled I came to the following conclusions:
1) AC is the predominat factor on when to power attack
2) Crit range has absolutely no bearing on how much to power attack.
3) Your enhancement bonus due to weapons or strength has only a minor effect on how much to power attack and only in the AC 15-18 region.
4) Additional weapon damage on the weapon (flaming, shocking, etc) has a noticable effect on power attack (it lowers the PA you should use). THe more of such extra damages, the less you should power attack.
5) Having a AC of 10 really sucks
Just a reminder that this only determines these effects on power attack, not on overall damage done.
If I have some time later I'll post results on using two weapons, or a weapon in two hands.
First I assumed a lvl 11 Fighter (3 attacks) with a 16 str, weapon focus, weapon spec, improved crit, with a masterwork battleaxe (weilded one-handed). Assume a monster with set AC's, no miss chance, and no DR. And then determined the optimum power attack for max avg damage.
For AC 10: PA-8
AC 15: PA-4
AC 18: PA-2
AC 20: PA-1
AC 22: PA- 0
AC 30: PA- 0.
Now assuming that fighter had a +3 battleaxe.
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
AC 38: PA-11 (once the AC is to the point that only 20 dice rolls can hit, then of course power attack for max).
Fighter with a +5 battleaxe.
AC 10: PA-9
AC 15: PA-7
AC 18: PA-4
AC 20: PA-2
AC 22: PA-0
AC 30: PA-0
*Remember that a beter strength mod and a lower enchantment equal the same results. A fighter with a 20 strength and a +1 battleaxe would yield the same results as table 2.
Now instead of a battleaxe, we'll try a longsword (effect of crits on this setting)
Masterwork longsword:
AC 10: PA-8
AC 15: PA-4
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Flaming Longsword (I know this can never happen, just bear with me)
AC 10: PA-8
AC 15: PA-3
AC 18: PA-1
AC 20: PA-0
AC 22: PA-0
AC 30: PA-0
Longsword +3:
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Keen Longsword +3:
AC 10: PA-9
AC 15: PA-5
AC 18: PA-2
AC 20: PA-1
AC 22: PA-0
AC 30: PA-0
Longsword +5:
AC 10: PA-9
AC 15: PA-7
AC 18: PA-4
AC 20: PA-2
AC 22: PA-0
AC 30: PA-0
After all this data was compiled I came to the following conclusions:
1) AC is the predominat factor on when to power attack
2) Crit range has absolutely no bearing on how much to power attack.
3) Your enhancement bonus due to weapons or strength has only a minor effect on how much to power attack and only in the AC 15-18 region.
4) Additional weapon damage on the weapon (flaming, shocking, etc) has a noticable effect on power attack (it lowers the PA you should use). THe more of such extra damages, the less you should power attack.
5) Having a AC of 10 really sucks

Just a reminder that this only determines these effects on power attack, not on overall damage done.
If I have some time later I'll post results on using two weapons, or a weapon in two hands.